Synopsis As Introduced Amends the Illinois Credit Union Act. Provides that if the Act requires information to be written or delivered in writing, an electronic record or delivery satisfies the rule of law. Provides that if the Act requires a policy, record, notice, or other document or information to be mailed or otherwise furnished or disclosed by a credit union, electronic distribution or delivery satisfies the rule of law. Provides that a policy adopted by the board may delegate expulsion authority to senior management officials of the credit union. Provides that a member expelled by a senior management official may seek reinstatement by appealing the action within 30 days of expulsion to the board of directors, and that the board may affirm, disaffirm, or modify the action, and the board's decision is final. Provides that a credit union may invest in securities, obligations, or other instruments of or issued by entities properly registered with or licensed by the Department of Financial and Professional Regulation. Increases a credit union's aggregate loan amount and the total amount of funds not used in loans to members that may be invested in shares and stocks of Credit Union Service Organizations to 10% (instead of 3%) of the paid-in and unimpaired capital and surplus of the credit union. Modifies a credit union's investment limit in shares or stocks of Credit Union Service Organizations to not exceed 10% (instead of 3%) of the paid-in and unimpaired capital and surplus of the credit union or the amount authorized for federal credit unions. Makes other changes. Effective immediately.
Replaces provisions regarding the reporting and turnover provisions of the Revised Uniform Unclaimed Property Act relating to credit unions with a provision allowing a credit union to deduct a dormancy charge or escheat fee from property delivered to the administrator under the Revised Uniform Unclaimed Property Act.
Senate Floor Amendment No. 2 Requires that credit unions annually disclose director remuneration to the membership. Provides that the disclosure shall contain: (i) the amount paid to each director and (ii) the amount paid to the directors as a group. Deletes language authorizing credit unions to invest in securities of entities licensed by the Department of Financial and Professional Regulation, including entities licensed under the Residential Mortgage License Act of 1987, the Consumer Installment Loan Act, and the Sales Finance Agency Act. Corrects a typographical error.
Replaces everything after the enacting clause with the provisions of the engrossed bill, and makes the following changes: Provides that the Department of Financial and Professional Regulation shall, by rule, establish maximum rates of reasonable compensation for directors and committee members that are generally applicable to credit unions considering factors the Department may establish from time to time, including, but not limited to, total assets, nonprofit cooperative structure, and the best interests of members. Deletes language providing that with approval of the board of directors, a credit union may make loans to credit union organizations if the aggregate amount of all such loans outstanding does not exceed the greater of 10% (instead of 3%) of the paid-in and unimpaired capital and surplus of the credit union or the amount authorized for federal credit unions. Deletes language providing that funds not used in loans to members may be invested in shares or stocks of credit union service organizations in the total amount not exceeding the greater of 10% (instead of 3%) of the unimpaired capital and surplus of the credit union or the amount authorized for federal credit unions. Effective immediately.